Bruce Jordan is Subject of a FINRA Fine and Suspension
Bruce Jordan (CRD #: 1223556), a broker registered with Newbridge Securities Corporation, is the subject of a FINRA fine and suspension, according to his BrokerCheck Record, accessed on January 20, 2022.
If you have any concerns regarding Bruce Jordan’s conduct as a broker, keep on reading.
Bruce Jordan’s Background
Since 2015, Bruce Jordan has been associated with Newbridge Securities Corporation and registered with FINRA as a General Securities Principal.
FINRA Allegations
Without admitting or denying the findings, Bruce Jordan consented to the sanctions and the entry of findings that he allegedly failed to enforce his member firm’s (Newbridge Securities Corporation) written procedures. Bruce Jordan and Newbridge Securities Corporation allegedly failed to enforce the firm’s written procedures governing contingency offerings, thereby violating FINRA Rules 3110 and 2010.
What is FINRA’s Failure to Supervise Rule?
FINRA’s rules guide the conduct of its members, and these rules include requirements that firms supervise their brokers and financial advisers. The rule addressing supervision is FINRA Rule 3110.
FINRA 3110 requires firms to maintain a supervisory system reasonably designed to comply with FINRA rules. It also requires that the firm designate a registered principle whose job it is to carry out supervisory responsibilities. The firm must make reasonable efforts to determine that all supervisory personnel are qualified, either by experience or training. This unethical conduct violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
Exchange Act Rule Escrow Requirements
According to FINRA allegations, Bruce Jordan failed to use the standard escrow agreement required as specified in the firm’s procedures by failing to deposit investor funds with a bank. Newbridge Securities Corporation’s written procedures specify that in contingency offerings, the firm should use a bank that has agreed in writing to hold all such funds in escrow. Instead, the issuer for the offering utilized a law firm as the escrow agent.
Minimum Contingency Calculation
The findings also stated that in the first offering, Bruce Jordan allegedly improperly counted a non-bona fide investment toward the minimum contingency calculation. Without the non-bona fide investment, the minimum contingency would not have been met. Newbridge Securities Corporation’s written procedures for contingency offerings specified that only bona fide investments should be counted toward an offering minimum but provided no guidance on what constitutes a bona fide investment.
According to FINRA, it was Bruce Jordan’s responsibility to determine whether an investment was bona fide. However, Newbridge Securities Corporation, acting through Bruce Jordan, failed to review the investment to determine whether it should be considered a bona fide investment. Instead, after receiving the investment, Bruce Jordan declared the offering sold and released funds from escrow.
You can read the full AWC here.
FINRA Sanctions
As part of the terms of the AWC, Bruce Jordan consented to:
- A one-month suspension from associating with any FINRA member in all principal capacities
- A $5,000 fine
Failure to Supervise Allegations
According to an Acceptance, Waiver, and Consent agreement dated September 26, 2019, Bruce Jordan consented to the findings that he allegedly failed to supervise the due diligence of a private placement offering and his member firm’s sale of the offering.
The findings further state that Bruce Jordan reportedly failed to either conduct independent due diligence or engage another qualified person to conduct due diligence on material aspects of the offering. Instead, Bruce Jordanallowed the firm to rely primarily on due diligence conducted by the offering.
You can read the full AWC here.
FINRA Sanctions
As part of the terms of the AWC, Bruce Jordan consented to
- A $5,000 fine
- Two-month suspension
Background Information
Bruce Jordan has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 2 – Non-Member General Securities Examination
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
Bruce Jordan is a registered broker in 10 states.
He has also worked with the following firms:
- Bedminster Financial Group, Limited (CRD#:39916)
- Midtown Partners & Co.,(CRD#:104223)
- Vfinance Investments (CRD#:25121)
- Sterling Financial Investment Group(CRD#:41506)
- Joseph Charles & Assoc. (CRD#:3949)
- Comprehensive Capital Corp. (CRD#:6215)
- Meridian Securities,(CRD#:16468)
- Gulfstream Financial Associates (CRD#:19910)
- Scotiamcleod (USA) (CRD#:2739)
- L. F. Rothschild, Unterberg, Towbin. (CRD#:501)
- Oppenheimer & Co.,(CRD#:630)
Kurta Law Can Help
If you have worked with Bruce Jordan and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.